How to make funding decisions for the optiMize Challenge
This article is a guide on how funding decisions are made for the optiMize Social Innovation Challenge. '' ''See also: List of projects funded by optiMize Funding Criteria Funding decisions are made by our optiMize Challenge Funding Selection Committee, balancing the opinion of our staff members, Core Organizing Team leaders, mentors, previously-funded optiMize Fellows, and other optiMize supporters who have seen each team working over the course of the Challenge. The most important factors for funding selection are: Objective #1: Create something of value for others Am I creating something of value for others? This is a helpful framing question for any early-stage project. Are we creating something people genuinely want and need? How do we know? If we can’t do this, sustainable impact won’t be possible. When we make funding decisions, these are some questions we think about to get at the question of value creation: # VISION: Can you paint a clear picture of the positive future you’re working to create? # PROTOTYPE: Have you built and tested a prototype for your product or service? # USERS: Have you validated that someone will use your product or service? # CUSTOMERS: Have you validated that someone will pay for it? # RESEARCH: How well do you understand the “space” you’re operating in? # RELATIONSHIPS: Have you built strong relationships with relevant people in the “space” you’re operating in? # IMPACT: Can you measure and communicate the social impact of what you’re doing? # COMMITMENT: How committed is your team to bringing your vision to life? # 6-MONTH PLAN: Do you have a clear vision, action plan, and budget for the short term? # PROGRESS: Have you made significant progress from where you started in October? _________________________________________________________________________________________________ Objective #2: Transform your own skills and perspective Am I transforming my own skills and perspective? optiMize isn’t just about project success, it’s also about personal growth. Innovation isn’t about being right all the time, it’s about listening to others, engaging with feedback, and adapting. Here are some questions we consider to decide if a team has been transforming their own skills and perspectives: # PERSONAL GROWTH: How have you learned and grown from your experiences? # COLLABORATION: Have you learned to work effectively with teammates? # COMMUNICATION: Can you effectively communicate your work to various audiences? # RESOURCEFULNESS: Can you identify opportunities and make the most of resources? # RESILIENCE: Have you reframed disappointments and found ways to move forward? # PROGRESS: Have you made significant progress from where you started in October? _________________________________________________________________________________________________''' '''Objective #3: Cultivate the optiMize community Each of our individual success depends on the wellbeing of our community as a whole. Success in optiMize isn’t just about one single project or individual, it’s about how much we each contribute to supporting, encouraging, and helping each other. Here are some questions we consider to decide if a team has been cultivating the optiMize community: # RELATIONSHIPS: Have you built trust and relationships in the optiMize Community? # CONTRIBUTION: How have you contributed your skills and ideas to benefit the group? # HELPFULNESS: Have you supported and helped other optiMizers throughout the Challenge? Have you asked for help when you need it? # DIVERSITY: Does your team contribute to a diverse cohort of Fellows? Funding Selection Committee Criteria for membership Communicating Funding Decisions Category:Organizer Guides Category:FAQ